Both markets rebound, but uncertainty ahead

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Both markets rebound, but uncertainty ahead

Korea’s main stock market rallied yesterday, ending a four-day losing streak. The benchmark Kospi added 26.78 points, or 2 percent, to close at 1,402.93.
“Investors’ sentiment improved, as most other Asian markets rebounded from their sharp declines on Monday,” said Lee Young-gon at Hanwha Securities. “But investors need to be conservative, with the Seoul market repeating sharp fluctuations.”
Analysts said the Korean stock market’s volatility could last until Thursday’s triple witching day, when stock index futures, stock index options and individual stock options will expire together, which usually results in price swings.
Leading chipmakers led yesterday’s rally, after the Semiconductor Industry Association, a U.S. business group, said world chip sales expanded in January. Samsung Electronics added 1.1 percent to 569,000 won ($600,400). Hynix Semiconductor rose 2.1 percent.
Posco, the nation’s top steelmaker, surged 5.1 percent, after an 8-percent plunge on Monday. Hyundai Motor rose 0.7 percent; affiliate Kia Motors added 2 percent. LG.Philips LCD rose 1.5 percent, LG Electronics, 3.7 percent.
Brokerage houses were especially strong. Hyundai Securities, Daewoo Securities, Samsung Securities, Woori Investment & Securities and Daishin Securities climbed 1.7 percent to 7.8 percent.
Advancers trounced decliners 593 to 175. Volume was 222.8 million shares worth 2.9 trillion won.
The secondary Kosdaq market climbed 7.93 points, or 1.3 percent, to close at 601.96.
Dot-coms led the gain. NHN, which operates the nation’s biggest Internet portal, Naver, jumped 4.1 percent. Daum Communications climbed 2.6 percent. NeoWiz added 2.4 percent. Empas soared 11.5 percent on optimism about its new services.
Volume was 702 million shares worth 2.1 trillion won. Gaining shares led losers 628 to 278.

By Moon So-young Staff Writer []
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